Buying an apartment in Turkey in instalments | 10 FAQ

Buying an apartment by installments in Turkey

In many cases, buying an apartment in Turkey in instalments is better than paying the total amount in cash, even if you have it! knowing this might lead you to ask some questions about the details of how to buy an apartment in Turkey in instalments. Therefore, we decided to share our experiences in the Turkish real estate market and dive in with you on the most-ten frequently asked questions that we received regarding buying apartments in Turkey in instalments.

In this article you will read:

1- When is buying in instalments better than paying in cash?

2- What are the benefits of buying a property in Under construction projects in Turkey in instalments?

3- Can I buy a ready-made apartment in instalments in Turkey?

4- Do I benefit from the exchange rate difference when buying in instalments?

5- What types of real estate can be bought in instalments in Turkey?

6- Is it possible to obtain a tapu when buying in instalments?

7- Is Turkish citizenship granted in return for buying apartments in instalments in Turkey?

8- Are there flexible plans to pay in instalments?

9- Is buying an apartment in Turkey in instalments profitable?

10- Is buying apartments in instalments suitable for investment?

1- When is buying in instalments better than paying in cash?

If you are not in a hurry, we recommend that you think about projects under construction. Under-construction projects allow you to pay in instalments, get preferential prices, benefit from the difference in exchange rates, and not be obligated to freeze large cash liquidity for several years.

2- What are the benefits of buying a property in Under construction projects in Turkey in instalments?

Buying an apartment in projects still under construction is an excellent choice for great offers and prices. This option provides you with the ability to pay in instalments, and you will likely end the payments in conjunction with the delivery of the property.

In this way, you will get an apartment in an excellent residential compound, which contains all sports and health services and facilities. In addition to many entertainment services such as an open-air/ Outdoor cinema and a smart home system. And all this at competitive prices.

3- Can I buy a ready-made apartment in instalments in Turkey?

Yes, several pioneering projects allow the possibility of buying a ready-made apartment and receiving it directly after paying an agreed down payment. The rest of the amount will be paid later in installments according to the suitable payment plan for the buyer.

One of the advantages of buying in ready-to-move projects is that you will receive your apartment directly. You can live in it or even rent it and benefit from the rental allowance to pay the apartment’s instalments or service and maintenance fees in the compound.

If the value is not available in cash at the time of purchase, we recommend the option of paying in instalments when buying a ready-made apartment in Istanbul.

4- Do I benefit from the exchange rate difference when buying a property in instalments in Turkey?

In most cases, yes. When you take into your consideration the extension of instalment periods, which may reach more than 60 months in some big real estate projects in Turkey, the price of buying an apartment in instalments in Turkey may become lower than the cash price for the foreign buyer.

This is because the value of the instalment is calculated in Turkish lira, and the new property owner often pays his instalments in US dollars, so he benefits from the exchange rate difference when paying each instalment. 

It is well known that the dollar exchange rates usually escalate over time in Turkey.

5- What types of real estate can be bought in instalments in Turkey?

The real estate that you can buy in instalments varies in Turkey, and it includes most types of residential properties such as luxury apartments, investment hotel apartments, and villas.

Additionally, you can buy commercial real estates such as shops, offices, and exhibitions in instalments in Turkey. 

All you have to do is select your suitable property and then buy it with the help of a real estate consultant who is an expert in the Turkish real estate market.

6- Is it possible to obtain a Tapu when buying in instalments in Turkey?

When you want to buy an apartment in instalments in Turkey, you will get a notarized purchase contract. And after you pay all the instalments, you will obtain the title deed in your name. 

In some projects, that still under construction, you get the tapu after the project is delivered. However, on some other projects, you will get the title deed directly in your name when buying an apartment in Istanbul in instalments, whether it is ready-made or under-construction.

Usually, a seizure sign is placed on the title deed in favour of the company. And it will be removed immediately once the instalments are fully paid.

7- Is Turkish citizenship granted in return for buying apartments in instalments in Turkey?

Yes, it is possible to obtain Turkish citizenship if you buy an apartment in instalments, but on the condition that the total amount of instalments is not less than 250 thousand dollars. 

8- Are there flexible plans to pay in instalments when buying a property in Turkey?

Of course, and at Extra Property, we are pleased to provide you with excellent packages and offers, with flexible payment plans with or without the first payment.

The instalment periods usually available vary between several options such as:

  • 12 instalments
  • 24 instalments
  • 36 instalments
  • 65 instalments or more!

Many companies also provide other options for instalments according to the buyer’s request, which is agreed upon according to the value of the first payment, and a number of large payments between instalments.

9- Is buying an apartment in Turkey in instalments profitable?

Real estate prices in Turkey are cheaper than in European countries, and even less expensive compared to most countries in the region. Today, buying an apartment in Turkey in instalments is a very logical deal. Especially for the following reasons: 

1- The high quality and advantages of the property itself, especially if the apartment is within the luxury compounds which are famous for their services, playgrounds, and gardens. 

2- The advantages of the escalating price difference and high exchange rates of the dollar against the Turkish lira. 

3- The facilities provided by the government to property buyers in Turkey, such as the ease of purchase and ownership transfer procedures, the issuance of the title deed within a few days, the possibility of booking the date of obtaining a real estate residence in Turkey directly after receiving the title deed, the opportunity to apply for Turkish citizenship after completing the payment of the amount specified in the new Turkish naturalization law.

10- Is buying apartments in instalments suitable for investment?

Turkey was ranked seventh globally among the best real estate investment options for the year 2020. During the year 2019, real estate sales to foreigners in Turkey represented about 5% of Turkish real estate sales.

Likewise, the Turkish government began years ago in a series of measures and facilities to attract foreign capital and investors to support the real estate sector. The last of which was the decision to grant Turkish citizenship in exchange for buying real estate worth more than 250 thousand dollars.

Real estate investment in Turkey is one of the best types of investment. It has the least risk and capital preservation and the highest profitability.  Although to achieve the appropriate profit, you need to wait for a while before reselling and making profits. As real estate investment in Turkey is a medium and long-term investment.

Accordingly, we recommend that you seek the assistance of an experienced real estate consultant, in order to have a suitable entry and exit opportunity. Our certified advisors will be happy to advise and help you in buying the best property in Turkey for you.

 

At Extra Property, we are very keen to offer you the best projects that meet your aspirations for housing or investment. Please do not hesitate to ask about our distinguished services for buying apartments, villas, and commercial real estate in Turkey in instalments.

Edited by: Extra Property ©

Source: Vizyon Grubu

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